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| less than a minute read

The Bank of Mum and Dad to fund record number of property deals in 2023

Given the prevalence of the bank of Mum and Dad in property transactions, advice is increasingly sought as to how such purchases should be structured from a tax and asset protection perspective. Advising on these matters will likely involve a combination of private client, tax and family law expertise. 

There is a broad array of options for parents to assist their children, including: buying a second property in the parents’ names; purchasing the property jointly with their child; giving or lending the funds; and using a trust.

There is often a temptation to enter into informal arrangements, but it is vital that all parties seek independent legal and financial advice before an offer is made on a property. 

A record number of people are getting help from family members to enable them to buy a house, a study suggests. Financial support from the "Bank of Family" is expected to help with 318,400 property purchases this year, according to Legal & General (L&G). Some 47% of all homes bought by those under the age of 55 will have been done so with the help of parents, grandparents or other relations. But L&G said those without such support risk being "locked out" of the market.


residential property, private client

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